Functional Food Ingredients Market Size, Share & Growth Trends

The global functional food ingredients market size is estimated to be valued at USD 98.9 billion in 2021. It is projected to reach USD 137.1 billion by 2026, recording a CAGR of 6.8% during the forecast period. The inclination toward nutritional and convenience food and the rise in demand for fortified food & beverage products are expected to drive the growth of the functional food ingredients market during the forecast period. However, factors such as adherence to the international quality standards & regulations and lack of awareness about functional ingredients such as prebiotics and probiotics in developing countries act as restraints to the growth of the market.

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The growing awareness about the health benefits of carotenoids such as beta-carotene, lutein, and zeaxanthin, the demand for carotenoids is expected to increase in the coming years.

Carotenoids are protective nutrients and are naturally occurring pigments present in most plants. They are mainly found in plants, algae, and photosynthetic bacteria; however, humans and animals have to rely on food as a source of these compounds. Some flavonoids include quercetin, kaempferol, catechins, and anthocyanidins. Flavonoids are known for their antioxidant and anti-inflammatory health benefits as well as their role in the strengthening of cardiovascular and nervous systems. Carotenoids are a widely distributed group of naturally occurring pigments synthesized by plants, algae, and photosynthetic bacteria.

Plant source is projected to be the fastest-growing segment in the natural source segment from 2021 to 2026

Prebiotics, proteins, omega-3 fatty acids, minerals, fibers, phytochemicals, and plant extracts are the major types of functional food ingredients derived from plant sources. Plant-based proteins are a major source of protein for vegetarians and vegans. Their high nutritional profile, low carbon footprint, and low price are driving their consumption. Soy, corn, pulses, millet, sorghum, sunflower seeds, wheat, groundnuts, barley, and beans are some of the major plant-based sources that are rich in amino acid content. The growing inclination of consumers toward natural and plant-based products has been fueling the demand for plant-based food amino acids over the last few years. Phytochemicals are also derived from plant sources such as fruits & vegetables, nuts & seeds, and spices & herbs, among others.

The energy drinks segment in the beverages application is projected to grow at the highest CAGR during the forecast period

Functional food ingredients such as vitamins, minerals, and proteins are used in energy drinks. Many energy drinks have been developed by companies to provide specific medical or health benefits, such as promoting heart health, improving immunity, and helping to boost energy. With the broadening range of functional applications being sought by consumers, suppliers are looking to utilize new ingredients that better meet the functional goals of consumers. In the sports drink field, suppliers are expanding their choice of ingredients to enhance sports nutrition benefits. Drinks with creatines and branch-chained amino acids are growing in popularity.

North America is projected to account for the largest market size during the forecast period

The North American region dominates the market in 2020. This dominance is driven by the prevalence of chronic diseases due to hectic lifestyles and increasing awareness among consumers regarding the health benefits of functional foods. In addition, the region has the highest prevalence of obesity. The functional food ingredients industry focuses on investing more in research programs with an aim to introduce new ingredients to address the diversified demands from potential customers in the region.

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Key players in this market include Cargill, Incorporated (US), BASF SE (Germany), Archer Daniels Midland Company (US), DuPont (US), Arla Foods (Denmark), Kerry Group (Ireland), Ajinomoto Co., Inc. (Japan), Koninklijke DSM N.V. (Netherlands), Ingredion Incorporated (US), and Tate & Lyle PLC (UK). Some of the other players include Chr. Hansen Holding A/S (Denmark), Kemin Industries, Inc. (US), BENEO (Germany), Royal Cosun (Netherland), Roquette Frères (France), Soylent (US), A&B Ingredients (US), Golden Grain Group Limited (China), Sugarlogix (US), and Stratum Nutrition (US).

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